Question

Assessing Financial Statement Effects of Transactions K. Daniels started Daniels Services, a firm providing art services...

Assessing Financial Statement Effects of Transactions
K. Daniels started Daniels Services, a firm providing art services for advertisers, on June 1. The following accounts are needed to record the transactions for June: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Service Fees Earned; Rent Expense; Utilities Expense; and Wages Expense. Record the following transactions for June using the financial statement effects template. (Record each transaction in the order it appears.)

June 1 K. Daniels invested $12,000 cash to begin the business in exchange for common stock.
2 Paid $950 cash for June rent.
3 Purchased $6,400 of office equipment on credit.
6 Purchased $3,800 of art materials and other supplies; the company paid $1,800 cash with the remainder due within 30 days.
11 Billed clients $4,700 for services rendered.
17 Collected $3,250 cash from clients on their accounts billed on June 11.
19 Paid $5,000 cash toward the account for office equipment (see June 3).
25 Paid $900 cash for dividends.
30 Paid $350 cash for June utilities.
30 Paid $2,500 cash for June wages.

Use negative signs with answers, when appropriate.

Balance Sheet

Transaction Cash
Asset
+ Noncash
Assets
= Liabilities + Contributed
Capital
+ Earned
Capital
June 1
2
3
6
11
17
19
25
30
30

ncome Statement


Revenue

-

Expenses

=

Net Income
. . .
. . .
. . .
. . .
. . .
. . .
. . .
. . .
. . .
. . .
. . .

Homework Answers

Answer #1

* Requirement, as asked

Balance Sheet Income Statement
June Transactions Cash + Noncash = Liabilities + Contributed + Earned
Asset Assets Capital Capital Revenue - Expenses = Net Income
1 $12,000 $12,000 $0 $0
2 ($950) ($950) $950 ($950)
3 $6,400 $6,400 $0 $0
6 ($1,800) $3,800 $2,000 $0 $0
11 $4,700 $4,700 $4,700 $4,700
17 $3,250 ($3,250) $0 $0
19 ($5,000) ($5,000) $0 $0
25 ($900) ($900) $0
30 ($350) ($350) $350 ($350)
30 ($2,500) ($2,500) $2,500 ($2,500)
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